GENDER EQUALITY IN SWEDEN & DENMARK - Assessing leading companies on workplace equality - Equileap
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GENDER EQUALITY IN SWEDEN & DENMARK Assessing leading companies on workplace equality BRIEFING MAY 2020
Equileap is the leading organisation providing No part of this report may be reproduced
data and insights on gender equality in the in any manner without the prior written
corporate sector. We research and rank permission of Equileap. Any commercial use
over 3,500 public companies around the of this material or any part of it will require
world using a unique and comprehensive a license. Those wishing to commercialise
Gender Equality ScorecardTM across 19 the use should contact Equileap at
criteria, including the gender balance of the info@equileap.com.
workforce, senior management and board
of directors, as well as the pay gap, parental
leave and sexual harassment.
This Report is part of a project
funded by the Rights, Equality and
Citizenship Programme of the Eu-
ropean Union (2014-2020).CONTENTS INTRODUCTION..........................................................................................................5 Key Findings........................................................................................................................................5 Recommendations..........................................................................................................................6 Heatmap OMX Stockholm 30 / OMX Copenhagen 20...............................................7 SWEDEN / OMXS 30........................................................................................................................8 Key Findings........................................................................................................................................8 Case Study, Tele2..............................................................................................................................9 Recommendations...........................................................................................................................9 DENMARK / OMXC 20....................................................................................................................10 Key Findings......................................................................................................................................10 Case Study, Chr. Hansen................................................................................................................11 Recommendations...........................................................................................................................11 APPENDIX...........................................................................................................................12 EQUILEAP GENDER EQUALITY SCORECARDTM...................................................................13 ACKNOWLEDGMENTS.............................................................................................................14
INTRODUCTION
This briefing presents an overview and com- Four Swedish companies and only one Da-
parison of the performance of the companies nish company have published gender-segre-
in the Swedish OMXS 30 and Danish OMXC 20 gated pay information, while across Europe
indices on gender equality. It is part of a lar- an average of 28% of companies are publi-
ger European project assessing gender equa- shing this information.
lity in 255 public companies listed on ten
Danish and Swedish companies are lag-
national indices across the European Union.
ging behind the rest of Europe on having an-
Any European findings mentioned in this brie-
ti-sexual harassment policies in place. Only
fing refer to the overall findings for these 255
41% of OMXS 30 companies and 30% of OMXC
companies.
20 companies publish anti-sexual harass-
ment policies, both of which are significantly
KEY FINDINGS
below the European average of 48%.
The average gender equality score of com-
AstraZeneca is the only company across
panies on the Swedish OMXS 30 index is 49%,
these two indices to have all eight policies
markedly higher than the 38% average score
that promote gender equality in the work-
of companies on the Danish OMXC 20.
place, making it one of the five European
The companies on the Swedish OMXS 30 companies out of 255 to achieve this.
hold nine out of the top ten spots in this com-
parison of the two indices, including the hi- GRAPH 1 / FEMALE EMPLOYEES BY COMPANY
ghest (Tele2). The best performing company LEVEL (IN %)
on the Danish OMXC 20 is Chr. Hansen, hol- 60
ding the 3rd spot in this comparison.
50
Swedish companies are more gender ba- Gender Balance
42
lanced than most other European companies 38 38
40
when it comes to top positions. With an ave- 35
31
rage of 38% women on company boards and 28
30 27 27
24% women on executive teams, the OMXS 24 25
30 outperforms the European averages of 31%
20 16
and 16%, for each respective level. Meanwhile,
12
Danish companies are lagging behind with
10
28% women on boards and only 12% women
on executive teams. 0
Board Executives Senior Workforce
Management
Less than half of the companies on both in-
dices have gender balanced boards (between Sweden Denmark Europe
40% to 60% of each gender): 14 on the OMXS
30 and only five on the OMXC 20.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
5
Assessing leading companies on workplace equalityGRAPH 2 / COMPANIES WITH/WITHOUT AN sment and gender-based violence, and could
ANTI-SEXUAL HARASSMENT POLICY (IN %) support gender equality in the workplace by
implementing and publishing these policies.
100
With only five companies across the two
80 indices publishing gender-segregated pay
52
59 information, Danish and Swedish companies
70
60 would benefit from greater transparency on
the mean gender pay gap1, both overall and
40 in pay bands.
20 41
48 To reach gender balance, Danish companies
30 need to increase the representation of women
0 on company boards and executive teams, as
0
Denmark Sweden Europe women currently represent only 28% of board
With anti-sexual harassment policy members and 12% of executives.
Without anti-sexual harassment policy
Increased access to flexible work options
for their employees would benefit companies
RECOMMENDATIONS
on both indices. Currently, 76% of OMXS 30
Although OMXS 30 companies outperform companies and 90% of OMXC 20 companies
OMXC 20 companies on the ma jority of the are not publishing policies on the topic. This is
19 Equileap gender equality criteria, both in- worse than the European average where half
dices have room for improvement. (52%) of the companies are not publishing
these.
A large percentage of OMXC 20 (70%) and 1
The mean gender pay gap can reveal inequalities in
OMXS 30 (59%) companies are lacking poli- the highest and lowest positions, which may be invi-
cies that specifically condemn sexual haras- sible if a median gender pay gap is reported.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
6
Assessing leading companies on workplace equality20
30
e
C
S
p
X
X
HEATMAP OMXS 30 / OMXC 20
ro
M
M
Eu
O
O
BOARD OF DIRECTORS
Gender balance of the company’s board of directors or non-executive board
EXECUTIVES
Gender balance of the company’s executives or executive board
SENIOR MANAGEMENT
Gender balance of the company’s senior management
WORKFORCE
Gender balance of the company’s workforce
PROMOTION & CAREER DEVELOPMENT OPPORTUNITIES
Gender balance of the company’s senior management compared to the gender balance of the
company’s workforce, signalling career progression opportunities
LIVING WAGE
Commitment to pay a living wage to all employees
GENDER PAY GAP
Transparency on the gender pay gap at the company level and in multiple pay bands;
commitment to close the pay gap
PARENTAL LEAVE
Paid leave programmes for childcare for both primary or secondary carers, globally or at least in
the main country of operation
FLEXIBLE WORK OPTIONS
Options for employees to control and/or vary the start and end times of the work day, and/or vary
the location from which employees work
TRAINING AND CAREER DEVELOPMENT
Commitment to ensure equal access to training and career development irrespective of gender
RECRUITMENT STRATEGY
Commitment to ensure non-discrimination against any type of demographic group in the hiring
process, and equal opportunities to ensure gender parity
FREEDOM FROM VIOLENCE AND SEXUAL HARASSMENT
Prohibits all forms of violence in the workplace, including sexual harassment
SAFETY AT WORK
Commitment to the safety of employees in the workplace, in travel to and from the workplace and
on company related business, as well as safety of vendors in the workplace
HUMAN RIGHTS
Commitment to ensure the protection of human rights, including employees’ rights to participate
in legal, civic and political affairs
SOCIAL SUPPLY CHAIN COMMITMENT
Commitment to reduce social risks in its supply chain such as forbidding business related
activities that condone, support, or otherwise participate in trafficking, forced and child labour, or
sexual exploitation
SUPPLIER DIVERSITY
Commitment to ensure diversity in the supply chain, including support for women-owned
businesses
EMPLOYEE PROTECTION
Systems and policies for the reporting of internal ethical compliance complaints without
retaliation or retribution, such as access to confidential third-party ethics hotlines or systems for
confidential written complaints
COMMITMENT TO WEPS
Signatory to the UN Women’s Empowerment Principles
GENDER AUDIT
Undertaken and awarded an independent gender audit certificate by an Equileap recognised
body
AVERAGE GENDER EQUALITY SCORE (IN %) 38 49 43
0 10 20 30 40 50 60 70 80 90 100
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
7
Assessing leading companies on workplace equalitySWEDEN / OMXS 30
Companies on the Swedish OMXS 30 index 1974, and last year it passed a new law which
have an average gender equality score of recognises transgender parents according to
49%. However, they only claim two spots in their legally recognised gender identity.
the European Top 20 ranking, which was in-
cluded in the Equileap Gender Equality in Eu- Companies on the OMXS 30 outperform Eu-
rope Special Report in March 2020. ropean averages on 14 of the 19 gender equa-
lity criteria. OMXS 30 companies particularly
Sweden, along with Iceland, Norway, and Fin- stand out for the female representation at
land, has been leading the world in terms of the executive level, on average 24%, which,
gender equality and addressing the gender although low, is the second highest in Europe.
pay gap. Nonetheless, the gender pay gap in Meanwhile, they are performing notably
Sweden is still 12.6%2. Sweden was also the worse on two key areas: flexible work options
first country in the world to introduce a gen- and publishing anti-sexual harassment poli-
der-neutral, paid parental leave provision in cies.
TABLE 1 / TOP 5 COMPANIES ON OMXS 30 INDEX FOR GENDER EQUALITY
RANK COMPANY SECTOR SCORE
1 TELE2 Communications 63%
2 SWEDBANK Financial 62%
3 ASTRAZENECA Consumer, Non-cyclical 56%
4 NORDEA BANK Financial 55%
5 SEB Financial 55%
No part of this report may be reproduced in any manner without the prior written permission of Equileap. Any commercial use
of this material or any part of it will require a license. Those wishing to commercialise the use should contact Equileap at info@
equileap.org.
KEY FINDINGS Only one company has achieved gender ba-
lance (between 40% and 60% of each gen-
The average gender equality score of the der) at the executive level: Investor, with 60%
companies in the OMXS 30 is 49%, which is women on the executive team.
above the European average (43%).
Women represent on average 27% of senior
GENDER BALANCE managers on the OMXS 30, which is above
the European average (25%).
The average number of women on company
boards is 38%. This is the second highest ave- The average share of women at the
rage in Europe, despite Sweden having no workforce level is 35%, which is the lowest
mandatory board gender quotas in place. among all indices compared in this European
research.
2
Equal Pay? Time to close the gap!, The European Union, page 2.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
8
Assessing leading companies on workplace equalityGRAPH 3 / FEMALE EMPLOYEES BY COMPANY CASE STUDY / TELE2
LEVEL (IN %)
Tele2 is the top performing OMXS 30
50
Gender Balance company with a score of 63%. It ranks
eighth among the 255 European compa-
38 38
40
35 nies evaluated as part of this research.
31 The company has a gender balanced
27
30
24 25 board, and while they do not reach gen-
der balance at the executive and senior
20 16 management levels, they have over
30% women at both these levels. Tele2
10
has seven out of the eight Equileap re-
commended policies to promote gen-
0
Board Executives Management Workforce der equality in the workplace, lacking a
supplier diversity policy that promotes
Sweden Europe
procurement from women-owned bu-
sinesses. The company has shown its
THE GENDER PAY GAP
commitment towards gender equality
The vast ma jority (86%) of companies on by signing on to the United Nations Wo-
the OMXS 30 do not publish information on men’s Empowerment Principles.
gender pay.
OMXS 30 RECOMMENDATIONS
All companies in the index have a gender
pay gap (i.e. no company published a mean Companies on the OMXS 30 could be-
gender pay gap of 3% or less). nefit from increased transparency on
access to flexible work options for their
Three companies on the OMXS 30 have a employees. Currently, 76% are not pu-
strategy in place to close their pay gaps. blishing policies on the topic.
PARENTAL LEAVE A ma jority (58%) of the companies
could improve gender equality in their
Swedish legislation guarantees a generous
workplace by introducing anti-sexual
leave of thirteen months of shared paid pa-
harassment policies that condemn
rental leave. With no OMXS 30 company
sexual harassment and gender-based
publishing a policy to extend parental leave
violence.
beyond what is legally mandated, parents are
entitled to three earmarked months of paid All OMXS 30 companies would benefit
leave each, and the remaining seven months from undertaking an independent gen-
can be divided at the parents’ discretion. Sole der audit3.
custody parents can receive the full thirteen
months of paid leave. 3
Such as the EDGE or GEEIS certifications.
SEXUAL HARASSMENT
More than half (58%) of companies on the
OMXS 30 do not publish an anti-sexual haras-
sment policy.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
9
Assessing leading companies on workplace equalityDENMARK / OMXC 20
Companies on the Danish OMXC 20 index more than 35 employees, and from 2015 with
have an average gender equality score of more than 10 employees (at least 3 men and
38%. Chr. Hansen, the top performing OMXC 3 women), have been required to compare
20 company, also ranks 19th in the European and report annual statistics on the salaries
Top 20, which was included in the Equileap of women and men and discuss the identified
Gender Equality in Europe Special Report in gaps with their employees. Companies that
March 2020. fail to comply are subject to fines.
Denmark has taken initiatives such as man- Companies on the OMXC 20 are generally
datory strategies to increase female repre- performing in line with other European com-
sentation in executive and management panies on gender equality. However, they are
positions. However, no quotas for women on performing notably worse in two key areas:
boards or other levels of management have flexible work options and publishing an-
been introduced. Since 2007, employers with ti-sexual harassment policies.
TABLE 2 / TOP 5 COMPANIES ON OMXC 20 FOR GENDER EQUALITY
RANK COMPANY SECTOR SCORE
1 CHR HANSEN Consumer, Non-cyclical 58%
2 GENMAB Consumer, Non-cyclical 50%
3 FLSMIDTH Industrial 50%
4 DANSKE BANK Financial 47%
5 VESTAS Energy 47%
No part of this report may be reproduced in any manner without the prior written permission of Equileap. Any commercial use
of this material or any part of it will require a license. Those wishing to commercialise the use should contact Equileap at info@
equileap.org.
KEY FINDINGS We consider that gender balance is reached
when either gender is represented at 40-60%.
The average score of OMXC 20 companies
is 38%. This is markedly below the European The average representation of women at the
average (43%). senior management level on the OMXC 20 is
27%, which is above the European average of
GENDER BALANCE 25%. However, only one company, Lundbeck,
has achieved gender balance at this level.
The average representation of women on
company boards is 28%, which is below the Female participation at the workforce level
European average of 31%. on the OMXC 20 is amongst the highest in Eu-
rope (on average 42%).
No company on the OMXC 20 has achie-
ved gender balance on the executive team.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
10
Assessing leading companies on workplace equalityGRAPH 4 / FEMALE EMPLOYEES BY COMPANY CASE STUDY / CHR HANSEN
LEVEL (IN %)
Chr. Hansen is the top-performing com-
50
Gender Balance pany on OMXC 20 with a score of 58%.
42
The company has a gender-balanced
38
40 workforce with 43% women, and is very
31 close to achieving gender balance in se-
28 27
30
25 nior management with 39% women at
this level. Chr. Hansen offers employees
20 16 the option of flexible working hours and
12
has seven out of the eight policies re-
10
commended by Equileap to promote
gender equality in the workplace. CHR
0
Board Executives Management Workforce Hansen lacks a supplier diversity pro-
gramme to promote procurement from
Denmark Europe
women-owned businesses. The com-
pany has shown its commitment towar-
THE GENDER PAY GAP
ds gender equality by signing on to the
Ørsted is the only company on the OMXC 20 United Nations Women’s Empowerment
that has published gender-segregated pay Principles.
data.
OMXC 20 RECOMMENDATIONS
All companies in the index have a gender
pay gap (i.e. no company published a mean With a low average of 12% women at
gender pay gap of 3% or less). the executive level, companies on the
OMXC 20 need to significantly increase
No company has published a strategy to female representation to achieve gen-
close its gender pay gap. der balance.
PARENTAL LEAVE Companies on OMXC 20 would benefit
from greater transparency on the mean
No OMXC 20 company publishes a parental
gender pay gap4 and from publishing
leave policy to extend the legally mandated
what strategies they will take to address
leave for their Danish employees. As such, in
any gender pay gaps identified.
line with Danish legislation, employees receive
18 weeks of paid maternity leave, 2 weeks of OMXC 20 companies could improve
paid paternity leave, and 32 weeks of shared their workplace gender equality by pu-
paid parental leave. blishing policies offering employees
flexible work hours and locations.
SEXUAL HARASSMENT
Almost half of the OMXC 20 companies
The vast ma jority of the OMXC 20 compa-
(45%) could improve gender equality in
nies (70%) do not publish an anti-sexual ha-
the workplace by publishing a training
rassment policy. Of the ten compared indices,
policy that ensures access to training
only one performs worse on this criterion.
and career development opportunities
for men and women at all levels of the
company.
4
The mean gender pay gap can reveal inequa-
lities in the highest and lowest positions, which
may be invisible if a median gender pay gap
is reported.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
11
Assessing leading companies on workplace equalityAPPENDIX
DATASET same score, we use Category A data to break
the tie, starting with criterion 5 (Promotion &
This briefing is part of a larger European re-
Career Development) and continuing, when
search project assessing gender equality
required, through criterion 4 (Workforce), 3
across the European Union. The dataset for
(Senior Management), 2 (Executive) and 1
this research consists of 255 public compa-
(Board).
nies from 10 European Union markets. Our
research closed on the 19th of December 2019.
DATA COLLECTION & APPEALS PROCESS
The selection of the companies was made
based on their inclusion in the following na- Equileap uses a two-fold research approach.
tional financial indices: The Czech Republic First, we gather publicly available informa-
(MSCI Czech Republic Index), Denmark (OMX tion published by the companies themselves,
Copenhagen 20), France (CAC 40), Ger- including in their annual reports, sustainabi-
many (DAX 30), Greece (FTSE/Athex Large lity reports, policies and/or on their websites.
Cap 25), Italy (FTSE MIB 40), Poland (WIG Second, we engage with companies to allow
20), Romania (BET 15), Spain (IBEX 35) and them to send us the latest publicly available
Sweden (OMX Stockholm 30), as of the 1st of data they have.
April 2019. Any European findings mentioned
in this briefing refer to the overall findings for For this project, we approached all of the com-
the 255 companies. panies in the dataset and sent them question-
naires. Equileap makes every effort to ensure
FUNDING that the information reported is accurate. In
the event of an error, we invite companies to
This briefing is part of the larger InGender pro-
email up-to-date information and corrobo-
ject (Project number: 831633), funded by the
rating evidence to research@equileap.com.
Rights, Equality and Citizenship Programme
Please note that only data which is supported
of the European Union (2014-2020, Project
by publicly available evidence is accepted.
title: INGENDER, Project number: 831633). The
funding for this project came from the call
TRANSPARENCY
REC-RGEN-WWLBAG-2018: Call for proposals
for action- Grants under 2018 Rights, Equa- The Equileap methodology skews towards
lity and Citizenship programme and in parti- companies that are more transparent and
cular the Open call for proposals to address: make their data publicly available. We firmly
A) equal participation of women and men in believe that transparency, and acknowled-
public fora, in leadership positions in politics ging where there are gaps and problems, is
and in the corporate sector; and B) to support the first step towards taking action to close
public authorities and civil society in relation the global gender gap. Publicly available data
with the “New Start to Support Work-Life Ba- enables investors and employees to hold
lance for Parents and Carers” initiative. companies accountable for the policies they
offer and the steps they are taking to ensure
RANKING gender equality in their workplaces.
Companies are ranked according to their
We encourage companies to be as transpa-
overall Equileap gender equality score based
rent as possible about their progress towards
on the 19 criteria listed in the Scorecard be-
gender equality as part of their contribution
low. When two or more companies have the
to economic justice for women globally.
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
12
Assessing leading companies on workplace equalitySCORECARDTM
The Equileap Gender ScorecardTM is inspired to evaluate it. A score and weighting has been
by the United Nations Women’s Empower- allocated to each criterion to reflect that
ment Principles. For each gender criterion, some issues may be more important for fur-
one or several metrics have been identified thering gender equality than others.
EQUILEAP CRITERIA DEFINITION
A GENDER BALANCE IN LEADERSHIP
& WORKFORCE
1 Board of Directors Gender balance of the company’s board of directors and non-executive board (or supervisory board)
2 Executives Gender balance of the company’s executives and executive board
3 Senior Management Gender balance of the company’s senior management
4 Workforce Gender balance of the company’s workforce
5 Promotion & Career Development Gender balance of the company’s senior management compared to the gender balance of the company’s workforce,
Opportunities signalling career progression opportunities
B EQUAL COMPENSATION
= 6
& WORK LIFE BALANCE
Living Wage Commitment to pay a living wage to all employees.
7 Gender Pay Gap Transparency on the gender pay gap at company level and on multiple pay bands, commitment to close the pay gap
8 Parental Leave Paid leave programs (at least 2/3 paid) for child care to both primary or secondary carers globally or at least in the
country of incorporation
9 Flexible Work Options Option to employees to control and / or vary the start and end times of the work day, and / or vary the location from
which employees work
C POLICIES PROMOTING GENDER
EQUALITY
10 Training and Career Development Commitment to ensure equal access to training and career development irrespective of gender
11 Recruitment Strategy Commitment to ensure non-discrimination against any type of demographic group and equal opportunities to ensure
gender parity
12 Freedom from Violence, Abuse and Prohibits all forms of violence in the workplace, including verbal, physical and sexual harassment
Sexual Harassment
13 Safety at Work Commitment to the safety of employees in the workplace, in travel to and from the workplace and on company related
business, as well as safety of vendors in the workplace
14 Human Rights Commitment to ensure the protection of human rights, including employees’ rights to participate in legal, civic and
political affairs
15 Social Supply Chain Commitment to reduce social risks in its supply chain such as forbid business related activities that condone, support,
or otherwise participate in trafficking, force and child labour or sexual exploitation
16 Supplier Diversity Commitment to ensure diversity in the supply chain, including support for women owned businesses in the supply chain
17 Employee Protection Systems and policies for the reporting of internal ethical compliance complaints without retaliation or retribution,
such as access to confidential third-party ethics hotlines or systems for confidential written complaints
D COMMITMENT, TRANSPARENCY
& ACCOUNTABILITY
18 Commitment to Women’s Signatory to the UN Women’s Empowerment Principles
Empowerment
19 Audit Undertaken and awarded an independent gender audit certificate by an Equileap recognized body
E ALARM BELLS
We register if a company has a record of any of the following:
A legal judgement or official ruling regarding gender discrimination or sexual harassment against the company or an employee
Two or more legal cases, or one class action that have been settled against a company or an employee regarding gender discrimination or sexual harassment
Two or more legal judgements or official rulings regarding gender discriminatory practices in a company’s marketing and advertising
GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
13
Assessing leading companies on workplace equalityACKNOWLEDGEMENTS
This Report is part of a project funded by the
Rights, Equality and Citizenship Programme
of the European Union (2014-2020).
We would also like to thank Ariadne – Euro-
pean Funders for Social Change and Human
Rights for helping to raise awareness, orga-
nise events and disseminate the findings of
this report.
Disclaimer
used has been obtained from sources which we believe to be reliable
The information contained in this report has been prepared by but none of Equileap nor any of its agents, representatives, advisers,
Stichting Equileap Foundation in cooperation with Stichting Equileap affiliates, directors, officers or employees («Representatives»)
Investment Services Support (together “Equileap”). No part of this accept any responsibility for or make any representation, warranty,
report may be reproduced in any manner without the prior written guarantee or undertaking (either express or implied) as to the truth,
permission of Equileap. Any commercial use of this material or any accuracy, reliability, correctness or completeness of the information
part of it will require a licence. Those wishing to commercialise the use and opinions contained in this report or any other information made
should contact Equileap at info@equileap.com. available in connection with this report. Neither Equileap nor any of
its Representatives undertake any obligation to provide the recipients
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not intended as promotional material in any respect. The report does
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GENDER EQUALITY IN SWEDEN & DENMARK · MAY 2020
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